ITAT Judgments - Page 10

Retention money cannot be treated as Income till performance of contractual obligations

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

Retention money is not in the nature of income till such time the contractual obligations are fully performed to the satisfaction of the customer by the Assessee. Therefore the retention money cannot be regarded as income even for the purpose of book profits u/s.115JB of the Act though credited in the profit and loss account […]...

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Expenditure on issue of FCCB/ Debentures is a revenue expenditure

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

The debentures whether convertible or non convertible are in the nature of loan at the time of their issuance and any expenditure incurred on issue of such debentures or bonds had to be regarded as part of the borrowing cost and have to be allowed as a deduction and as a revenue expenditure. This expenditure cannot be regarded as capital....

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S. 68 Onus of Assessee discharged on submission of names, addresses, PAN, bank statement, income-tax returns of Loan Creditors

ITO Vs M/s Riddhi Siddhi Corporation (ITAT Ahmedabad)

This appeal of Revenue for Asst. Year 2009-10 is directed against the order of ld. CIT(A)-XV, Ahmedabad, dated 2nd July, 2012 vide appeal No.CIT(A)-XV/406/ITO-9(1 )/1 1-12 arising out of the order u/s 143(3) of the IT Act, 1961 (in short the Act), framed on 23/12/2011 by ITO, 9(1), Ahmedabad. Following grounds have been raised by the Reve...

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Consideration for right to use copyright in “literary work” is Royalty

I.T.C. Limited Vs A.D.I.T. (ITAT Kolkata)

Whether the term literary work as mentioned in the definition of royalty in the treaty would include software or not? As per the provisions of section 2(o) of the Indian Copyright Act, 1957, the term literary work includes computer programs, tables and compilations including computer data base....

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Interest subsidy under WBIS 2000 and TUFS is a capital receipt

D.C.I.T Vs M/s. Gloster Jute Mills Ltd. (ITAT Kolkata)

That on the facts and in the circumstances of the case, Ld. CIT(A) has erred in allowing assessees claim of interest subsidy as capital receipt and thereby deleting the addition of Rs.1,50,03,609/- without appreciating the fact that the amount is in the nature of revenue receipt ....

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Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai)

As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....

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Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi)

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

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Concluded assessments cannot be disturbed in absence of any incriminating material

Smt.Binnaifer Kohli Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

In terms of section 153A of the Act, the already finalised assessment can only be disturbed if the search team has found some incriminating documents or material and which was relied upon by the AO at the time of framing the assessment or the addition is made in the order passed under section 143(3) r.w.s.153A of the Act by referring to s...

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Section 271(1)(c): No Penalty for Section 50C addition unless concealment proved

DCIT Vs Trans Freight Containers Ltd. (ITAT Mumbai)

The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement....

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No penalty for non deduction of TDS on sale of SIM Cards/recharge coupons at discounted rate

Vodafone Cellular Limited Vs. Additional Commissioner of Income Tax, TDS Range (ITAT Pune)

Tribunal held that sale of SIM Cards/recharge coupons at discounted rate to distributors is not commission and therefore, not liable to TDS provisions u/s. 194H of the Act. Once, the substratum for levy of penalty has eroded there is no question for sustaining the penalty....

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